**Summary of Topps Tiles PLC Annual Financial Results for the 52 Weeks Ended 27 September 2025**
**Strategic and Operational Highlights**
**Record Sales and Growth** Achieved record sales of £295.8 million, with 40% of the revenue growth goal for Mission 365 completed.
**Strategic Progress** Advanced in five key growth areas: category expansion, digital trade experience, business-to-business (B2B), Pro Tiler, and Tile Warehouse.
**Trade Growth** 28.3% year-on-year trade growth (14.3% excluding CTD), with trade sales now 75% of Group sales.
**Digital Penetration** Group digital penetration increased to 21.1% (excluding CTD), up from 18.5% in FY24.
**CTD Integration** CMA investigation concluded with the disposal of four stores, leaving 22 stores. CTD operations fully integrated, with growth plans in place and expected profitability in FY26.
**Acquisition of Fired Earth** Acquired the Fired Earth brand, IP, website, and £2.5 million of stock for £3 million, adding a premium brand to the Group.
**Leadership Changes** New CEO Alex Jensen assumes full responsibility on 8 December, succeeding Rob Parker. Caroline Browne appointed as CFO in spring 2026.
**Financial Highlights**
**Adjusted Revenue** Up 6.8% to £265.4 million, with growth across all business segments.
**Adjusted Profit Before Tax** Increased 46.0% to £9.2 million, with adjusted EPS up 43.5% to 3.43 pence per share.
**Dividend** Proposed final dividend of 2.1 pence, full year dividend of 2.9 pence (up 20.8% YoY), representing an 85% payout ratio.
**Balance Sheet** Robust with adjusted net cash of £7.4 million and a £30 million banking facility committed until October 2027.
**Statutory Revenue** Up 17.5% to £295.8 million, including £30.3 million from CTD.
**Statutory Profit Before Tax** £8.3 million (FY24: loss of £16.2 million), including CTD-related costs and write-backs.
**Current Trading and Outlook**
**Sales Growth** Group sales (excluding CTD) up 3.3% year-on-year in the first nine weeks, with Topps Tiles like-for-like sales up 2.0%. CTD stores showing consistent growth, expected to be profitable in FY26.
**Consumer Confidence** Sales growth moderated due to weaker consumer confidence, but the Group remains confident in its growth strategy and Mission 365 goals.
**Fired Earth Acquisition** Strengthens digital presence and adds a premium brand to the portfolio.
**Strategic Enablers**
**Operational & Digital Excellence** New 140,000 sq ft warehouse in Northamptonshire supports Pro Tiler Tools and CTD operations. Two-year core systems upgrade program underway with Microsoft Dynamics 365 Business Central.
**Topp People, Topp Service** Maintained industry-leading customer service with 91.1% satisfaction in Topps Tiles. Increased Google reviews to 48,800 with an average score of 4.97 stars.
**Environmental Leadership** Committed to carbon neutrality by 2030. Reduced tile waste by 16.6% and implemented energy-efficient measures.
**Financial Review**
**Revenue Growth** Adjusted revenue up 6.8% to £265.4 million, with Topps Tiles like-for-like sales up 5.3%. Online Pure Play sales up 25.6%, driven by Pro Tiler Tools and Tile Warehouse.
**Gross Margin** Adjusted gross margin up 0.5 percentage points to 53.8%, with Topps Tiles margin increasing to 58.9%.
**Operating Costs** Adjusted operating costs up £5.7 million to £127.2 million, driven by inflation, performance-related pay, and investment in marketing and systems.
**Profit Before Tax** Adjusted profit before tax up 46.0% to £9.2 million, with statutory profit before tax at £8.3 million.
**Cash Flow** Adjusted net cash decreased by £1.3 million to £7.4 million, with strong cash generation from operations.
**Conclusion**
Topps Tiles PLC delivered a strong financial performance in FY25, with significant strategic progress towards its Mission 365 goals. Despite challenges in consumer confidence, the Group remains well-positioned for growth, supported by its robust balance sheet, strategic acquisitions, and focus on operational and digital excellence. The leadership transition and new CFO appointment are expected to further strengthen the Groups position in the market.